Chinese Renminbi boosted by positive data

The week started off with positive news for the Norwegian Krona, as higher-than-expected inflation of 2.6% throughout July saw the currency appreciate across the board.

The Japanese yen has seen a much more mixed week, with the economy being shown to have contracted by 6.8% throughout the last quarter. Despite this in fact being a smaller decrease than expected, the yen still saw its value decrease across the board.

Performance against sterling managed to buck this trend, with a cautionary rhetoric from the Bank of England weakening sterling.

After a tough start to the week where US dollar strength was sustained; a resurgent Chinese renminbi was able to rally strongly following strong Chinese retail sales and industrial production data.

Today we see manufacturing sales data from Canada, which provides an early signal of future economic activity.

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